In recent years, the field of asset management has witnessed a remarkable transformation driven by the emergence of machine learning. This presentation explores the dynamic landscape of asset management technology and advanced analytics, with a focus on predictive maintenance and equipment failure prediction. We will delve into several key themes, offering insights and solutions that will help you navigate this evolving field.
The Evolution of Machine Learning in Asset Management:
We will begin by tracing the remarkable rise of machine learning over the past decade and its applications in predicting equipment failure. This section sets the stage for the challenges and opportunities that lie ahead.
Data Quality Dilemma:
An inherent challenge in developing accurate machine learning models is the scarcity of high-quality data. We will address the problems and limitations associated with data quality, shedding light on why this is a critical issue to overcome.
Operational Teams and Model Development:
As asset management technology advances, operational teams find themselves playing a more pivotal role in model development. We will discuss the impact of this shift and offer insights into how organisations can effectively harness their teams' expertise.
In this session we will look at the Considerations, Limitations, and Future Avenues:
We will summarise key considerations for implementing these strategies, discuss limitations, and outline potential areas for further research, offering a holistic perspective on the journey ahead.
This is sure to be an enlightening presentation as we explore the convergence of machine learning, digital twins, and asset management, and discover new avenues to enhance operational efficiency and equipment reliability.
The Digital Twin Solution:
- An innovative approach to overcoming data limitations is the development of digital twins for equipment. We will explain how this concept can be leveraged to generate synthetic data, which, in turn, is used to train machine learning models effectively.
- Using a practical example, we will showcase the benefits of the digital twin approach. By comparing models developed with operational teams and those created using digital twins, we'll demonstrate the quality and performance improvements achieved through this methodology.